1/13/2011 @ 5:10PM

Republicans Fight Back At Offshore Drilling Limits

Oil drillers received good news on Thursday; the Republican-led U.S. House of Representatives will reportedly combat the Obama administrations proposed plans to limit offshore oil drilling.

The proposal has garnered plenty of attention recently. The American Petroleum Institute, the main U.S trade association for the oil and natural gas sector, argued that the administration’s proposed regulations penalize the entire oil industry based on a single accident,
BP
‘s 2010 disaster in the Gulf of Mexico.

In an interview, the director of API, Erik Milito, added, we hope that the administration recognizes the work already done and the need to rapidly restore vibrancy to the nations offshore oil and natural gas production program. Both the nations energy security and our recovering economy demand it.

Republicans, who historically have been supportive of the oil industry, plan to argue that the new regulations on offshore drilling will hurt domestic production.

Shares of BP are trading higher by .36% to $47.86, while
Transocean
Ltd. has gained about a quarter of a percent to $77.22.

Shares of
Anadarko Petroleum Corp.
are trading lower by 1.16% to $77.62.